7:59AM OPEC lowers 2008 oil demand view by 30,000 barrels a day by Steve Goldstein
LONDON (MarketWatch) -- OPEC, in its monthly oil report, lowered its estimate of world oil demand by 30,000 barrels a day. OPEC estimated world oil demand growing 1 million barrels a day this year, and another 900,000 barrels a day next year. "Summer strong oil demand growth in China, Middle East and Asia has not been enough to offset the huge decline in OECD oil demand in the second quarter," the oil cartel said. The demand for OPEC crude in 2008 is estimated to average 32.1 million barrels a day, a decline of 100,000 barrels over 2007. In 2009, the demand for OPEC crude is expected to average 31.3 million barrels a day. OPEC said it is now producing well above the demand for its crude.
5:59AM U.K. repossession orders rise 24% by Simon Kennedy
LONDON (MarketWatch) -- The number of U.K. repossession orders made by courts in the second quarter of 2008 jumped 24% on a seasonally adjusted basis to 28,658, according to data released by the Ministry of Justice Friday. The figure also represented a 4% increase from the first quarter. The number of repossession claims made in the period rose 17% from a year earlier to 39,078, the ministry said.
5:14AM Hong Kong second-quarter GDP expands 4.2% vs expected 5.3% by Chris Oliver
HONG KONG (MarketWatch) -- Hong Kong's gross domestic product expanded a preliminary 4.2% in the second quarter from the year-earlier period, the government said Friday. The growth rate fell short of analysts' median forecasts for a 5.3% rise compiled by Dow Jones Newswires. The government kept its full-year GDP growth forecast at 4% to 5%. Growth in the first quarter rose a revised 7.3%, the government said. The government forecast the consumer price index would rise 4.2% this year, lifting its earlier forecast of a 3.4% rise.
7:33AM Ping An Insurance posts 2% decline in first-half net profit (HK:2318) by Chris Oliver
HONG KONG (MarketWatch) -- Ping An Insurance (Group) [s hk:2318], China`s second-largest life insurer by premiums, posted a narrower-than-expected decline in first-half net profit, as a sharp rise in premiums helped offset a drop in investment gains. Net profit for the six months ended June 30 totaled 9.49 billion yuan ($1.38 billion), down 2% from 9.69 billion yuan a year earlier. The result exceeded average forecasts of 8.30 billion yuan net profit, according to a poll conducted by Dow Jones Newswires. The insurer's earnings had been expected to be sharply affected by losses on investments from declines in Hong Kong and China equities markets. Ping An said revenue from premiums climbed 24% to 54.19 billion yuan, while net investment income fell 64% to 9.28 billion yuan. HSBC Holdings has a 16.8% stake in Ping An.
|
